Triangle?s production at Pase PSC drops
Wednesday, April 30 2014 - 11:20 AM WIB
ASX-listed Triangle Energy Limited said on Wednesday that its production during the March quarter totaled 56.2 mmcf from three wells, A-1, A-5 and A-6, in the Pase block in Aceh, lower compared to 88.6 mmcf in the March quarter last year.
Gross PSC revenue on production for the quarter was US$0.926M
During the quarter the company continued technical studies over the Pase Field with the intent of maturing in-fill drilling opportunities to access up-dip gas adjacent to existing producing wells.
On behalf of APGE, the Acehnese Government is in discussion with MIGAS to secure the award of a new PSC.
Triangle is the first foreign company to form a JV with the Acehnese Government to operate an oil and gas field and provides further exploration and production opportunities for Triangle in the Pase Block.
Triangle has operated and produced gas from the Pase field since 2009. The company in July signed an agreement with the Aceh provincial government-owned company PDPA to set up a joint venture called Aceh Pase Global Energy Pte Ltd (APGE), which aims to become the operator of the Pase block under a planned new 3-year PSC. APGE is 75 percent owned by Triangle.
Editing by Johannes Simbolon